Beasley Broadcast Group, Inc. (BBGI) has reported an 1,169.29 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $41.50 million, or $1.57 a share in the quarter, compared with $3.27 million, or $0.14 a share for the same period last year.
Revenue during the quarter surged 89.05 percent to $53.70 million from $28.41 million in the previous year period. Total expenses were 7.10 percent of quarterly revenues, down from 78.67 percent for the same period last year. This has led to an improvement of 7157 basis points in operating margin to 92.90 percent.
Operating income for the quarter was $49.89 million, compared with $6.06 million in the previous year period.
Commenting on the financial results, Caroline Beasley, chief executive officer, said, "The fourth quarter was both productive and transitional as our revenue, SOI and net income growth reflects two months of operations of the Greater Media stations, solid industry fundamentals, including the benefit of political advertising, strength across our platform of legacy Beasley stations and high levels of operating discipline. "On a stand-alone basis, Beasley legacy station revenue increased approximately 7.6%. Immediately following the close of the Greater Media transaction we began the integration process including the implementation of sales and cost initiatives, the elimination of redundant overhead and other strategies to derive synergies and value from the expanded scale and diversity of our portfolio."
Operating cash flow improves
Beasley Broadcast Group, Inc. has generated cash of $17.15 million from operating activities during the year, up 19.34 percent or $2.78 million, when compared with the last year. The company has spent $89.62 million cash to meet investing activities during the year as against cash inflow of $0.06 million in the last year.
Cash flow from financing activities was $78.48 million for the year as against cash outgo of $14.37 million in the last year period.
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